Related Cos. Acquires Office Property In West Palm Beach For $282M
777 South Flagler Drive, West Palm Beach, FL, USA
$282,000,000
$1,243/SF
Building Size
226,711 SF
Asset Type
Office
Closing
Jan 12, 2021
About this deal
AI
Related Cos., led by Stephen Ross, has acquired an office asset in West Palm Beach. The property, located at 777 S. Flagler Drive, was purchased from AEW Capital Management for a total of $282,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $282,000,000
- Date: 1/13/2021
- Market: West Palm Beach
- Buyer: Related Cos. - Stephen Ross
- Seller: AEW Capital Management
- Brokers: Hermen Rodriguez, Ike Ojala, Matt McCormack, & Cody Brais
The acquisition of the office asset on 777 S. Flagler Drive in West Palm Beach was completed by Related Cos., with Stephen Ross leading the transaction. The property was sold by AEW Capital Management. The deal was facilitated by brokers Hermen Rodriguez, Ike Ojala, Matt McCormack, and Cody Brais.
On the Map
$282,000,000
$1,243/SF
Office
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Players
West Palm Beach Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93